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首页 张五常:公司的合同本质

张五常:公司的合同本质.pdf

张五常:公司的合同本质

liangkui
2009-10-24 0人阅读 举报 0 0 暂无简介

简介:本文档为《张五常:公司的合同本质pdf》,可适用于财会领域

TheJournalofECONOMICSEditedbyWILLIAMMLANDES,DENNISWnndFRANKHEASTERBROOKEditorJILLMKOSAKTheJournalofLawandEconomics(ISSN)ispublishedsemiannually,inandOctoberSubscriptionratestoTheofandEconomicsECONOMICSandcombinationratesforsubscriptiontoofandEconomicsandTheJournalofLegalStudies:OneYearTwoYearsXXVIAPRILSubscriberJLEJLEInstitution$$$$IndividualsUCLawSchoolAlumniStudents**WrittenbyafacultymembermustaccompanystudentsubscriptionOutsidetheUSAanditspossessionsadd$foreachyear’ssubscriptiontocoverpostageSinglecopyrates:institutions$individuals$ChecksshouldbemadepayabletoTheJournalofLawundEconomics,TheUniversityofChicagoPress,JournalsDivision,POBox,Chicago,IllinoisSubscribersarerequestedtonotifythePressandtheirlocalpostmasterimmediatelyofchangeofaddress,givingboththeoldandthenewaddressesPleaseallowfourweeksforthechangePostmaster:sendaddresschangestoTheJournalandEconomics,TheUniversityofChicagoPress,JournalsDivision,POBox,Chicago,IllinoisformissingnumbersshouldbemadewithinthemonthfollowingtheregularmonthofpublicationThepublisherexpectstosupplymissingnumbersonlywhenlosseshavebeensustainedintransitandwhenthereservestockwillpermitCopyingbeyondfairuse:Thecodeonthefirstpageofanarticleinthisjournalindicatesthecopyrightowner’sconsentthatcopiesofthearticlemaybemadebeyondthosepermittedbySectionsUSCopyrightLawprovidedthatcopiesatemadeonlyforpersonalinternaluse,orforthepersonalinternaluseofspecificclientsandprovidedthatthecopierpaystatedpercopyfeethroughtheCopyrightClearanceCenter,IncOperationsCenter,POBox,Schenectady,NewYorkTorequestpermissionforotherkindsofcopying,suchascopyingforgeneraldistribution,foradvertisingorpromotionalpurposes,forcreatingnewcollectiveworks,orfortesalc,kindlywritetothepublisherManuscriptsandeditorialcorrespondenceshouldbeaddressedtotheeditor,TheJournalofLawandTheUniversityofChicagoLawSchool,EastthStreet,Chicago,IllinoisThirdClasspostagepaidatChicago,IllinoisbyTheUniversityofChicagoAllrightsreservedOntheResignationofRonaldHCoaseTheContractualNatureoftheFirmBySTEVENNSCHEUNGAntitrustandtheEconomicsofFcderalisrnByFRANKHEASTERBROOKAReexaminationofDeliveredPricingSystemsByDENNISWCARLTON*RentSeeking,NoncompensatedTransfers,andLawsofSuccessionByJAMESMBUCHANANForeignCompetitioninAntitrustLawByJEFFREYJANDKENNETHLInstitutionalStructures,Regulation,andProducerGainsintheEducationIndustryByTheEnforceabilityofSecurityInterestsinConsumerGoodsByALANSCHWARTZTheFireofTruth:ARemembranceofLawandEconomicsatChicago,EDMUNDW(EDITOR)maybeUSNOTESTOAUTHORSManuscriptssubmittedforpublicationshouldbetypewrittenononesideofthepaperonly(usexlinchbond)anddoublespacedthroughout(includingfootnotesandfigureTwocopiesofthepapershouldbesubmittedFootnotesshouldbenumberedivelyandshouldbetypedseparatelyfromthebodyofthetextReferencescitedinthetextshouldbeexplainedinfootnotesandnotlistedseparately(Seerecentissuesoftheforreferencestyle)TablesandfiguresshouldbedrawnonseparatefromthetextandlabeledFiguresmustbeprofessionaldrawingsorphotographs,andoriginalsmustbeavailableforthePressascamerareadycopyisrequiredforprintingNOTICEwillpublishaspecialissue,volumeJuneThisissuewillcontainpapersfromtheconferenceonCorporationsandPrivateProperty,sponsoredbytheHooverInstitution,atStanford,California,November,,inrecognitionofthethanniversaryofthepublicationofAdolfandGardinerMeans’sbook,ModernPrivatePropertyTHECONTRACTUALNATUREOFTHEFIRM*STEVENNSofAhalfahassir!RItureoftheFirm“’TheimpactthisisnowAtabouttwentyyearsofandbeforereceivingabachelor’sfromLondonSchoolofEconomics,conceivedthethesisofthatworkduringatravelingscholarshiptheUnitedStatesinConsider*FortheirhelpfulcommentsamgratefultoAAlchian,YoramBarrelJohnMcGee,andDeanWorcesterRonaldHTheNatureoftheFirmEconomica()Thepaperever,waswrittenseveralyearsearlier(seenoteTheSciencesprovidesthefollowinginformationBreakingdowntheperiodofintothreefiveyearperiods,theof“firm”paperforeachsubperiodare:citationscitations:andcitationsInpersonalcorrespondencewrotemehisasfollows:AboutthefirmIspenttheyearintheUnitedStateswherestudiedtheproblemofverticalandlateralintegrationinAmericanindustryFromponderingontheseproblemscamemyviewsonthenatureoftheThebasicideainthearticleontheNatureoftheFirmwascertainlyworkedoutbyOctober,asaletterwhichIwrote(andwhichhasbeenpreserved)showsAlsocompletedadraftofthearticlebytheSpringofwhilestillinAstowhyIwaiteduntiltopublishthereasonsarevariousdidnotfeelunderanygreatpressuretopublishitIdidinfactpublishsomeotherpiecesbeforefirmarticlebuttheinthesepapersinfactdevelopedafterthoseonthefirmRememberthatIwasayounglecturerhavingtolearnalotinordertoteachcoursesonsubjectsonwhichknewverylittleandthistookupagooddealoftimeAndwasinterestedinmanyotheraspectsofIhaveneverbeentorushintoprintindeedIfinditdifficulttoexpresswhathaveinmindandhaveneverthoughtthattheworldwouldsuffermuchifitdidn’thaveopportunitytoreadmyviewsIdidinfactmakesomechangesintheperiodbetweenandbutwasnochangeinmymainpositionIdidnotfeelneedtopublishbeforehadexpressedmythoughtsaswellasIcouldSomeoftheprojectsonworkedintheshavestillnotbeencompletedalthoughIhopeonedaytodosoAboutdatesAscompletedthefirstyearofUniversityworkwhilestillathighschool(notunusualatthattime),IcompletedmyUniversityworkandpassedthedegreeexaminationsin(afteryearsatIwasawardedabytheUniversityofLondoninandspentthenextyearintheUnitedStatesAtthattimeyearsresidencewasrequiredfortheawardofadegreebuttheregulationswereinterpretedsoastoallowmyyearintheUnitedStatestobecountedasaofresidenceJournalofvolXXVI(AprilbyTheUniversityofChicagoAllrightsreservedJOURNALOFLAWANDECONOMICSingtheworkstartedoutastheequivalentofantermpaperonestandsinaweoftheinsightsthatprompteditTheissuessurroundingwhathasbeencalled“thefirm”andthescopeofeconomicbehaviorencompassedbythesisarefarfromresolvedAtpresent,differentversionsaboundCoasemeant,alongwithvariedIdonotproposetothisgrowingbodyofliteratureortoarguethatmyinterpretationisnecessarilyanaccuratepresentationofCoase’spositionRather,onceinspiredbyCoase’searlyworktodoresearchoncontracts,IwishtoreturnandexpoundonthatworkinlightofmyfindingsAnyonewhoinvestigatestheeconomicsofcontractualarrangementswillthatCoase’s“firm”paperrelatestothechoiceofcontracts’YetCoase,awareofthesignificanceandrelevanceofthemeasurementproblem,suggestedinthatIlookintothevariousmeasurementsadoptedintheindustryHowever,thedifficultyofobtainingdatablockedthatattemptByIhadreachedtheviewthatpieceratecontractsagatewaytoanunderstandingofthefirmasanorganization,becausepaymentbythepiecefallssquarelyinbetweentheatLSEThisexplainswhyIwasawardedmydegreeinalthoughIhadpassedtheexaminationinIWhenIworkedoutmyviewsonthenatureofthefirm,wasorAletterwritteninOctober(andtheindependentrecollectionsofDuncanBlack)indicateIhadthembyOctoberandpresumablyIdevelopedthemearlierbctwcenOctoberandthesummerofMydateofbirthisDecemberthForsomeexampleswhichseemmostdirectlyrelatedtoCoase’swork,seeHBInformationandtheoftheFirm,J()GTheofIndustry,J()AAlchianHaroldDemsetzProduction,InformationCosts,andEconomicOrganization,AmRev()PaulHTheExpansionofFirms,JPol()AMichaelTheEconomicsofInternalOrganization:AnIntroduction,BellJ():JohnCTheCostsofAlternativeEconomicOrganizations,CanJOliverEWilliamson,MarketsandHierarchies()LloydRCohen,TheFirm:ARcviscdDefinition,S()andYoramMeasurementCostsandtheOrganizationofMarkets,JLaw()EachoftheseworkshasadifferentinterpretationofCoase,andtheyalldisagreewithCoaseindifferentwaysThislackofconsensusleavesroomforfurtherinterpretation,althoughintheareaoftransactioncoststhelackofastandardizedterminologymakesitdifficulttotellwherethedisagreementslieSeeStevenNSCheung,TransactionCosts,RiskAversion,andtheChoiceofContractualArrangementsJLaw()Withgreatreluctancebroughtinrisksharingtoexplainthechoiceofsharecontractsinagriculture:severalattemptsmadeintodiscard“risk”hadnotsucceededCertaintypesofrisk,suchastheuncertaintyofwhetherapromisewillbehonoredorwhetheraproductwillliveuptoitsadvertisement,canbeviewedastransactioncostsInsuchacasemypreferenceisalwaysfortreatingtheprobleminthatlightbecausetestableimplicationsareeasiertoderiveagriculture,however,riskresultingfromnatureposesadifferentproblemCONTRACTUALNATUREOFFIRMmarketandwhatCoasethefirmMyofthepieceratecontractbeganinandcontinues”Whatproposetodohere,therefore,istotrytointerpretCoase’sargument,lightofmyfindingscontractsingeneralandaboutthepieceratecontractinparticularthenthatWCdonotknowwhattheisnorisitvitaltoknowTheword“firm”issimplyashorthanddescriptionofawaytoorganizeactivitiesundercontractualarrangementsthatdifferfromthoseofordinaryproductmarketsTHEASACONTRACTUALARRANGEMENTCoase’sthesisisthatdifferencesinthecostsofoperatinginstitutions(transactioncosts)leadtotheofatosupcrscdcamarketOnthehand,markettransactionsinvolveproductsorconmoditiesontheother,“firmtransactions”involvefactorsofproductionThegrowthofafirmmaythenbeviewedasthereplacementofaproductmarketbyafactormarket,inasavingintransactioncostsThisthesisisnoteasytounderstandCoasedoesnot“thefirm”nor,asweshallsee,isthereacleardistinctionaproductmarketandafactormarketPrivateownershipofproductiveinputsisassumedEachinputownerthereforehastheoptionof()producingandmarketinggoodshimself,()sellinghisinputoutright,or()enteringintoacontractualarrangementsurrenderingtheUSCofhisinputtoanagentinforanThefirmemergeswiththethirdoption:entrepreneurthewhoholdsalimitedsetofuserightsbycontractdirectsproductionactivitieswithoutimmediatereferencetothepriceofeachactivity,andcommoditiessoproducedarcthenintheHereinpuzzleprivatepropertyrightsareabsentandhenceaboveoptionsarcnotavailable,itiseasytounderstandwhyofaoraninputarebyaninsteadofbymarketpricesButshouldaprivatepropertyownersurrenderhisrightsandbetoldwhattodobyavisiblehand’Thischoice,accordingtoCoase,ismadetoreducetransactioncostsJosephEStiglitzanalyzesthepiecerateversusthewagecontractintermsofriskandinformation,whileexplicitlystatingthathetheofsupervisionItappearstomethathis“inccntivcandrisk”canbeasproblemsofInanyevent,theStiglitzapproachisquitedifferentfromthatinthepresentpaperEStiglitz,Incentives,Risk,andInformation:NotestowardsaofHierarchyJ()interestingpaperonthepieceratecontractagainbasedondifferentorientationfrommineisfoundinEdwardLazearRosenOrderasOptimumLaborJ()OFLAWANDECONOMICSSomehavesuggestedthatsuchanistautologicalButitisnot,becauseotherreasonsarealsoadvancedfortheemergenceoffirm,includingdivisionoflabor,risk,andthecoordinationofproductionactivitiesCoaseconsideredthesefactorsandrejectedthemallTohim,transactioncostsconstitutetheprimeconsiderationHisissubjecttorefutationbecausethelistofotherplausiblefactorsmakesitpossibletoconceivethattotaltransactioncostsmightriseasthefirmemergesEveniftransactioncostsconstitutetheonlyrelevantfactor,orifallotherfactorsareforciblyinterpretedasbelonginginthedomainoftransactioncosts,argumentisstillnottautologicalifonecanidentifydifferenttypesoftransactioncostsandhowtheywillvaryundercircumstancesGeneralityintheanargumentwhereasatotallackofgeneralapplicabilityrendersanargumentadhocTestableimplicationsaretobcfoundsomewhereinbetween,andhowthecostsaretobespecifiedisaofchoice,dependingontheproblemathandAnemphasisontransactioncostsdoesnotnegatethepotentialgainfromspecializationthroughthedivisionoflabororfrommoreefficientcoordinationofproductiveeffortsConsider,forexample,theclassic“pinfactory”inwhicheachofthemultipleinputownersspecializesbyworkingononlyonepartIfallcostsoftransactionwerezero,acustomerbuyingapinwouldmakeaseparatepaymenttoeachofthemanycontributingtoitsproductionComparativeadvantageguideseachtospecializeinhisownskill,andifitappearsdesirabletohireacoordinatorofactivities,thebuyerofthepinwillsimplymakeanadditionalpaymenttohimInsuchacase,alargenumberofproductpriceswoulddirecttheproductionofthesinglepinsuchaworlditwouldberedundanttospeakofaproductmarketandafactormarketThetwowouldbeinseparable:buyerwouldbcpayingsimultaneouslyfortheproductandforthecontributionoftheinputToseparateaproductfromafactorrequiresthatanpayinputownerswhilefromcustomerspaymentfortheproductshehandsoutWhereasthestandardapproachassumesthenumberofproductsasCoase’sviewisthatthisnumberisdeterminateonlyiftransactioncostsarcexplicitlyincorporatedintotheanalysisTheproblemcanbestatedmorefundamentallyAnyproductiveinputisapropertyif,withinwelldefinedlimits,itsownerhas()therighttoexcludeotherssothathealonemaydecideonitsuse,()therighttoextractexclusiveincomefromitsuse,and()therighttotransfertheproperty(includinglabor)toortoexchangewithanyoneheseesfitTherighttoexchangeimpliestherighttocontract,andpropertyrightsmaybetransactedthroughawidevarietyofcontractualarrangementsWhenCONTKACTUALOFtheserightsareexchangeditisofcourse,fortheofhigherincometotheowner,andthechoiceofcontractswillconstrainedbythecostsoftransactionOurmainconcernisnotthetransactionitselfbutthecontractualarrangementsthroughwhichrighttousetheinputisdelegatedtoanotherpartyandcommoditiesproducedbythisusearcsoldtoconsumersNooutrighttransferismade,andwheninputownerretainssomeotherrightsthecontractastructureddocument’AdelimitedofuserightsisinexchangeforanformofcontractthatbindsinputownertofollowdirectionsinsteadofmininghisownbycontinualrcfcrcncctothemarketpricesofavarietyofactivitiesmayperformTheofrightsisaofandtheoftherightsisthesubjectofcontracting,oftenanimplicitbycustom,andbycommonlawItgoesoutsayingthatawillnotbeaskedtodoworknormallyreservedforajanitorThepaymentisoftenbasedonameasuredproperty(forexample,hoursperday)thatbearsnoresemblancetothepropertiesofthefinalcommoditiespricedforsaleForthisreason,observedmarketpricescannottheowneroftheinputtoperforminthesamemannerasifactivityheperformsweremeasuredandpricedHencethesurrenderofuserightsoftenimpliesthedelegationoftherighttowhattodoWithprivatepropertyrights,economicanalysisassertsasanaxiomthatwhenaninputentersintoacontractoftypedescribed(joiningthefirm)hcagaintohisotheroptions,forhashadoptionofnotjoiningWhatmustbcexplainediswhythatincreaseoccursCoulditbethatsomeonemakethedecisionismoreTheisWehavethatrighttomakeadecisionistheresultofthedifferenceinpricingandmeasuringpropertiesItcannotingeneralbethecasethatdecisionsaresuperiortoconsumerrcachedthroughthepricemechanismErrorsarcboundtobelesswhenpriceinformationguideseveryactivityCoulditbethatspecialization,coordination,andeconomyofscaleachievedbypoolinginputresourcesfrommanyownerswillyieldhigherincomesforall,sothateachchoosestojointhefirmAgaintheisnoAsnotedearlier,everyactivityismeasuredpricedthenbenefitsarisingfromandcoordinationcanbewith’SeeStevenNSTheStructureofaContractandExclusiveJYJOURNALOFLAWANDECONOMICSoutthe“factormarket”therighttodecideanduseone’sinputneednotbedelegatedtosomeagentorentrepreneur,becauseinaproductmarkettheinputownerwillreceiveapaymentforeverycontributionCouldthefirmemergebecausepeopleshirk,cheat,orareopportunisticassomerecentthesesimplyMaybeButtheproblemisthatthissortofbehaviorisandwillvaryonlyindegreeandinkinddependingontheformofcontractchosenoronhowthepropertytransactedismeasuredandpricedThebehaviorofafactoryworkerwhoseshirkingrequirestheserviceofresultsfromtheworker’stherighttousehislaborHewouldnotshirk,oratleasthewouldshirkdifferently,ifforeverysmallcontributionhewerepaidapriceCoase’sanswerisbold:“ThemainreasonwhyitisprofitabletoestablishafirmwouldseemtobethatthereisacostofusingthepricemechanismThemostobviouscostof‘organising’productionthroughthepricemechanismisthatofprices

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张五常:公司的合同本质

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